MFS Africa, a pan-African digital payments platform, is to acquire Capricorn Digital, owner of Baxi, one of Nigeria’s leading super-agent networks. A team from Akin Gump advised the sellers on the transaction.
The deal, which is subject to the approval of the Central Bank of Nigeria, will be the second-largest fintech acquisition in Nigeria.
Founded in 2014 by Degbola Abudu and Folu Majekodunmi, Baxi is one of Nigeria’s largest independent electronic payment networks, processing over USD1 billion in transaction annually through a network of more than 90,000 agents.
The Akin Gump team was led by London corporate partner Weyinmi Popo, with support from corporate associate George Burt. Counsel Matthew Durward-Thomas and associate Aaron Jenman provided tax advice with counsel Nicholas Pascal advising in relation to finance.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
